Coffee extends lows: Despite a new drop in stocks, harvest in Brazil pressures

Tuesday (23) began with the Arabica coffee futures market extending the lows for the main contracts on the New York Stock Exchange (ICE Future US). The Arabica coffee futures market continues to monitor certified stocks, which remain low and registered a drop of 2,513 bags earlier this week. “A year ago there were 1,104,948 bags (it is important to remember that these stocks were already considered low and very worrying at that time), 477,651 bags fell in this period. Last week the accumulated drop was 14,925 bags. the drop was 62,731 bags, 8.5% less coffee than the 742,894 bags existing on the last day of March”, adds the latest analysis by the Carvalhaes Office. Another pressure factor for coffee is the progress of the Brazilian harvest. Weather conditions are favorable, which helps to pressure quotes. From now on, the forecast of cold weather in Brazil is a factor that would make prices rise more significantly on the Stock Exchange. Around 8:55 am (Brasília time), July/23 was …